credit

Why women shouldn't depend on joint credit

6 facts about credit that women should know
6 facts about credit that women should know

With joint credit or authorized-user designations, it's possible for a woman to have a credit history and a great credit score without ever having credit in her own name.

However, it's not a great idea. After a divorce, joint accounts may be closed. If a spouse dies, card issuers frequently cancel or curtail the survivor's joint accounts based on the new circumstances, says John Ulzheimer, president of consumer education for SmartCredit.com. "The bank still wants your business, but they may not want it under the same conditions that you were enjoying before," says Ulzheimer.

The result: At an already stressful time, a woman who depends on joint credit may have little or none. A divorce or spouse's death is no time to discover that -- along with everything else -- you also have to reestablish credit, he says.

Having individual accounts gives you "more control over your credit history and score," says Jill Gianola, CFP and author of "The Young Couple's Guide to Growing Rich Together."


 

advertisement

Show Bankrate's community sharing policy
          Connect with us
Product Rate Change Last week
Balance Transfer Cards 15.66%  0.01 15.67%
Cash Back Cards 16.36%  0.03 16.33%
Low Interest Cards 10.87% --0.00 10.87%
 
Search
advertisement
CREDIT CARD WEEKLY NEWSLETTER

Get advice for managing credit cards, building your credit history and improving your credit score. Delivered weekly.

advertisement

Blog

Jeanine Skowronski

Smartwatch app answers: Which card?

A smartwatch app from Wallaby Financial can recommend what credit card to use based on rewards, balances and credit utilization.  ... Read more

Partner Center
advertisement

Connect with us